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☆ India, Thailand are attractive emerging markets, Goldman Sachs says
▼ + stars: | 2023-11-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia, Thailand are attractive emerging markets, Goldman Sachs saysTimothy Moe, chief Asia Pacific equity strategist of Goldman Sachs, says India and Thailand are his two top picks among emerging markets

Persons: Goldman Sachs, Timothy Moe Organizations: Asia Locations: India, Thailand, Asia Pacific

[1/7] Chinese President Xi Jinping arrives at San Francisco International Airport to attend the APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S., November 14, 2023. He is due to meet U.S. President Joe Biden at an undisclosed location in the San Francisco Bay Area on Wednesday morning and then attend the annual summit of the Asia Pacific Economic Cooperation (APEC) forum. U.S. Trade Representative Katherine Tai, who with Blinken opened the APEC ministerial session, said the San Francisco meeting came at a time of "great uncertainty and challenges" for the region. As Biden arrived in San Francisco, shortly before Xi was due to land, dueling demonstrators greeted the U.S. president's motorcade from the airport. Earlier on Tuesday, a small aircraft flew circles over the APEC summit venue in downtown San Francisco, trailing a banner that read "END CCP FREE CHINA FREE HK FREE TIBET FREE UIGHUR," referring to China's treatment of Uyghurs, which the Biden administration calls "genocide."

Persons: Xi Jinping, Brittany Hosea, Antony Blinken, Xi, Joe Biden, Biden, Janet Yellen, China Nicholas Burns, Blinken, Katherine Tai, John Kirby, Nancy Pelosi, Michael Martina, Ann Saphir, David Brunnstrom, Trevor Hunnicutt, David Lawder, Chris Reese, Josie Kao Organizations: San Francisco International Airport, APEC, Economic Cooperation, REUTERS, FRANCISCO, U.S, San Francisco Bay Area, Asia Pacific Economic Cooperation, Air China, . Trade, San, White House, Biden, China, Chinese Communist Party, Thomson Locations: Asia, San Francisco , California, U.S, United States, Beijing, San Francisco Bay, Air, China, Washington, San Francisco, Israel, Gaza, Ukraine, Taiwan, Tibet, Hong Kong, CHINA, TIBET

Nov 15 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Biden and Xi have only met once before, and this is Xi's first visit to the U.S. since 2017. In a separate dinner with business leaders, he will also be looking to boost flagging investment by U.S. firms in China. The latest retail sales, industrial output, investment and unemployment figures for October will give an insight into whether China's economy is maintaining the surprisingly strong momentum it showed in the third quarter. Citi's China economic surprises index has been in positive territory for almost a month, suggesting activity is strengthening or analysts are lowering their expectations.

Persons: Jamie McGeever, Russell, Joe Biden, Xi Jinping, Biden, Xi, China's Organizations: Tuesday's, Nasdaq, Asia Pacific Economic Cooperation, U.S, Tencent Holdings, JD.Com, Thomson, Reuters Locations: Tuesday's U.S, Zealand, Asia, San Francisco, China, Japan

☆ South Korea's Yoon to Warn APEC About Risks From North Korea-Russia Ties
▼ + stars: | 2023-11-14 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

Yoon has criticised what he called illegal cooperation between North Korea and Russia, describing it as a "serious threat" to regional security in an interview with the Associated Press this week. Washington has said North Korea is supplying military equipment to Russia for use in its war with Ukraine, while Moscow is providing technical support to help North Korea advance its military capabilities. North Korea and Russia have denied any arms deals, though their leaders pledged closer military cooperation at their September summit. In San Francisco, Blinken held talks with his South Korean and Japanese counterparts on Tuesday and vowed a coordinated response to the North Korea-Russia cooperation. South Korea and China are also in talks for a possible meeting between their leaders, Seoul's foreign ministry said.

Persons: hyang Choi SEOUL, Yoon Suk, Yoon, Antony Blinken, Defense Lloyd Austin, Austin, Washington, Alexander Kozlov, Blinken, Fumio Kishida, Soo, hyang Choi, Ed Davies, Stephen Coates Organizations: APEC, Economic Cooperation, Associated Press, U.S, Defense, China, South, Economic, Japanese, Stanford University Locations: United States, North Korea, Russia, San Francisco, Gaza, Ukraine, Seoul, Moscow, Korea, Russian, Pyongyang, South Korea, China

☆ Some fund managers see merit in China's deeply discounted stocks
▼ + stars: | 2023-11-14 | by ( Summer Zhen | ) www.reuters.com time to read: +5 min

U.S. asset manager Fidelity International is highlighting China's looser monetary policy and the government's recent 1 trillion yuan ($137.10 billion) borrowing-and-spending sovereign bond plan as a tailwind for the country's stock markets. London-based £3 billion fund manager Somerset Capital Management likewise finds China exciting. The stock market has yet to recover, but has stabilised. Morgan Stanley estimates long-only foreign investors now have their deepest underweight positions in China and Hong Kong equities in years. Chinese stocks could see a short-term sentiment pick-up given foreign funds have such light positions in the market, said Redmond Wong, Greater China market strategist at Saxo Markets.

Persons: Dado Ruvic, ”, Marty Dropkin, Mark Williams, Morgan Stanley, Patrick Ghali, Sean Ho, Vivek Tanneeru, Redmond Wong, Summer Zhen, Xie Yu, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Fidelity, Asia Pacific, Fidelity International . London, Somerset Capital Management, Nasdaq, Japan’s Nikkei, Sussex Partners, Hong, China, Hang Seng Tech, Monetary Fund, Cambridge Associates, Capital, “, Triata, Matthews Asia, Saxo Markets, Thomson Locations: HONG KONG, China, U.S, Asia, Hong Kong, London, Boston, San Francisco, Greater China

[1/3] U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. REUTERS/Kevin Lamarque//File Photo Acquire Licensing RightsSAN FRANCISCO, Nov 14 (Reuters) - U.S. President Joe Biden and Chinese President Xi Jinping will meet on Wednesday before a summit of the Asia Pacific Economic Cooperation (APEC) forum in San Francisco, seeking to reduce friction in what many see as the world's most dangerous rivalry. But they have met only once in person since then, and Xi, who arrived in San Francisco on Tuesday evening, had not visited the United States since 2017 when Donald Trump was president. The White House says the aim of the summit, to be held at an unannounced location in the San Francisco Bay Area, is to boost communication to prevent an intense rivalry from veering into conflict. In a separate dinner with business leaders, the Chinese president will be looking to boost flagging investment by U.S. firms in China.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Xi, Donald Trump, Biden, Richard Fontaine, There's, Trump, David Brunnstrom, Michael Martina, Don Durfee, Grant McCool, Leslie Adler Organizations: REUTERS, FRANCISCO, Asia Pacific Economic Cooperation, East China Seas, U.S, Washington's Center, New, New American Security, APEC, Thomson Locations: Bali , Indonesia, San Francisco, United States, San Francisco Bay, Ukraine, North, Russia, Taiwan, U.S, China, South, East, Philippines, Washington, Iran, New American

☆ Xi-Biden summit: What’s on the agenda for China’s leader as he heads to California?
▼ + stars: | 2023-11-14 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

Biden, meanwhile, finds himself strapped with international challenges from the war in Ukraine to the latest conflict in Gaza. Chinese leader Xi Jinping, left, and US President Joe Biden. Getty ImagesXi’s agendaDespite the challenges he faces at home, the insulated Chinese leader may see himself in a stronger position relative to Biden. Xi will ask Biden to clarify and define the scope of the US approach on tech restrictions, analysts say. Liu Ranyang/China News Service/VCG/Getty Images‘Positive signals’The lead-up to Xi’s American visit has been marked with signals that China is hoping to smooth prickly relations.

Persons: — Xi Jinping, Joe Biden —, Xi, Biden, he’d, ”, Yun Sun, Xi Jinping, Joe Biden, …, Suisheng Zhao, Stimson, Sun, Harry Moyer, Liu Ranyang, Zhong Sheng, wisecracks, Nancy Pelosi’s, Beijing’s, Shi Yinhong, Shi Organizations: CNN, Asia Pacific Economic Cooperation, “, China Program, Stimson, Getty, Biden, Center for, Cooperation, University of Denver, Communist Party, US, Taiwan’s Democracy Progressive Party, US Flying Tigers, Kunming Foreign Language School, China News Service, “ Flying Tigers, China’s Renmin University, Republicans Locations: China, Hong Kong, San Fransisco, Bali , Indonesia, Ukraine, Gaza, Washington, Beijing, Center for China, Taiwan, California, Kunming, China's Yunnan, United States, Russia, Iran

Peng Zhao, CEO, Citadel Securities speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. If Citadel Securities were to obtain a licence, it would be the first foreign firm to formally foray into market-making in China outside interbank and foreign exchange market making. "We are pleased to see the introduction of the market-making program in China," Zhao told Reuters in an interview in Hong Kong. Citadel Securities in July appointed Tony Tang, the former head of BlackRock's China business, to helm its China operations. This year, Citadel Securities also launched an investment-grade corporate bond market-making business in the United States.

Persons: Peng Zhao, Mike Blake, Zhao, Ken, Tony Tang, Summer Zhen, Selena Li, Sumeet Chatterjee, Edwina Gibbs Organizations: Citadel Securities, Milken, Global Conference, REUTERS, Reuters, Beijing Stock Exchange, Nasdaq, China's Stock, Treasuries, Asia, Thomson Locations: Beverly Hills , California, U.S, HONG KONG, China, interbank, Hong Kong, United States, Beijing, Asia

A rebound in Asia is especially important for airlines where long-haul travel makes up a bigger mix of revenue. Travel spending in Asia Pacific is set to grow 41% this year to $567 billion, and rise to $800 billion by 2027, according to data from the Global Business Travel Association. The planned capacity, which has not been previously reported, is a strong rebound from 2022, when the carrier's Asia-Pacific traffic was 33% of 2019 levels. Travel to Asia is also a source of high-margin revenue at a time when soaring labor and fuel costs are pressuring profit and domestic fares are declining. Across the border, Air Canada said the increase in Asia Pacific capacity would more than double its overall system growth.

Persons: Toby Melville, Andrew Nocella, Mark Galardo, Galardo, Raymond James, Savanthi Syth, Allison Lampert, Rajesh Kumar Singh, Ben Klayman, Matthew Lewis Organizations: Heathrow Airport, REUTERS, Rights, Carriers, Business, Global Business Travel Association, Air, Reuters, United Airlines, American Airlines, Delta Air Lines, Asia Pacific, United, Delta, Tourism Economics, Thomson Locations: London, Britain, Rights MONTREAL, CHICAGO, Asia, Pacific, Europe, Asia Pacific, U.S, United States, Atlanta, Manila, Philippines, San Francisco, New Zealand, Chicago, Air Canada, Air Canada's Vancouver, Canada, North America, Ukraine, Hong Kong, East Coast, Newark , New Jersey, Toronto, China, Montreal

U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - The White House said on Monday President Joe Biden and Chinese President Xi Jinping will discuss strengthening communication and managing competition when they meet on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit this week. Biden and Xi have known each other for more than a decade and have shared hours of conversation over six interactions since Biden's 2021 inauguration. However, they have met only once in person since then and Xi has not visited the United States since 2017. Sullivan said that at APEC Biden would put forward his economic vision for the region and speak about "how the United States is the preeminent driver of inclusive, sustainable economic growth in the Asia Pacific."

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, President Joe Biden, Xi, Jake Sullivan, Biden, Sullivan, Nancy Pelosi, we've, Matt Murray, Steve Holland, Nandita Bose, David Brunnstrom, Alistair Bell Organizations: REUTERS, Rights, President, Economic Cooperation, San Francisco Bay Area, Biden, House, U.S ., United, U.S, APEC, Wednesday, APEC Biden, Thomson Locations: Bali , Indonesia, Asia, San Francisco Bay, U.S, People's Republic of China, United States, Washington, China, Taiwan, San Francisco, Israel, Ukraine, North, Russia, Beijing, Iran, East

☆ Yellen calls on APEC finance ministers to boost growth potential sustainably
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: +3 min

U.S. Treasury Secretary Janet Yellen called on Pacific Rim finance ministers on Monday to boost the productive capacity of their economies while working to finance the transition to low-carbon energy and provide more opportunities for the poor. Opening a meeting of finance ministers of Asia Pacific Economic Cooperation countries, Yellen said the group's economic dynamism meant that the actions they take matter for addressing global challenges. A day after the APEC Secretariat issued new forecasts for slowing growth next year amid a continued inflation fight and U.S.-China tensions, Yellen said the group needed to increase potential output. And we need to leverage emerging technologies to drive innovation while maintaining safe financial markets," Yellen added. The APEC finance ministers meeting comes just ahead of the APEC leaders' summit later this week and a high-stakes meeting between U.S.-President Joe Biden and Chinese President Xi Jinping aimed at easing tensions between the world's two largest economies.

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping Organizations: Treasury, APEC, Economic Cooperation, Pacific Rim, Asia Pacific Economic Cooperation Locations: U.S, Asia, San Francisco , California, Pacific, China, Ukraine, Vietnam, Indonesia

☆ APEC's growth to slow as persistent inflation, US-China tensions weigh-report
▼ + stars: | 2023-11-13 | by ( David Lawder | ) www.reuters.com time to read: +3 min

The APEC GDP growth rate will average 2.9% in 2025 and 2026, below the global average of 3.2% and 3.5-3.6% in the rest of the world. Taming inflation could require more monetary policy tightening, slowing growth further. Trade volume growth for goods is set to rebound next year among APEC countries after a largely flat 2023 due to China's sluggish growth, rising to 4.3% for goods exports and 3.5% for goods imports. The data shows "how important it is to re-engage, de-risk and avoid decoupling" of the U.S. and Chinese economies. "I think a stable relationship within U.S. and China is a win-win situation for everyone," Kuriyama said.

Persons: Janet Yellen, Mark Schiefelbein, Carlos Kuriyama, Joe Biden, Xi Jinping, Kuriyama, David Lawder, Stephen Coates Organizations: Treasury, Lifeng, FRANCISCO, Asia Pacific Economic Cooperation, APEC, Unit, U.S, Thomson Locations: Beijing, China, Asia, San Francisco, U.S

HONG KONG (AP) — Shares edged lower Monday in quiet trading in Asia ahead of a meeting this week between U.S. President Joe Biden and Chinese leader Xi Jinping. On Wall Street on Friday, the S&P 500 jumped 1.6% to 4,415.24. Big Tech stocks were the strongest forces pushing upward on the S&P 500, including a 2.3% gain for Apple and 2.5% rise for Microsoft. The release of the University of Michigan report initially caused Treasury yields to pare their drops, which caused stock indexes to wobble. On Thursday, a jump in Treasury yields knocked stocks lower to break an eight-day winning streak for the S&P 500, one of its longest in the last two decades.

Persons: Joe Biden, Xi Jinping, Biden, Xi, Australia's, Doximity, Powell, ”, Brent Organizations: Asia Pacific Economic Cooperation, U.S . Federal Reserve, Nikkei, Dow, Nasdaq, Big Tech, Apple, Microsoft, Federal, University of Michigan, Fed, CME Group, Federal Reserve, Treasury, U.S . Locations: HONG KONG, Asia, Tokyo, Hong Kong, Seoul, U.S, pare

Lending data from China's central bank offers a glimpse of government priorities: as of the end of September, outstanding loans to the troubled property sector fell 0.2% year-on-year but lending to the manufacturing sector jumped 38.2%. This time, the government's focus is narrower, targeting high-tech and "advanced manufacturing", a goal laid out in 2021 in the 14th five-year plan. It grew 11.3% in the first nine months of 2023 year-on-year, compared with 6.3% for overall manufacturing investment, according to data from China's National Bureau of Statistics. For example, Guangdong province has increased lending to both high-tech and advanced manufacturing by about 45%, state media reported. During the first half of 2023, outstanding loans to the high-tech manufacturing sector in the eastern province of Shandong jumped 67%.

Persons: Jens Eskelund, Eskelund, Xi Jinping, Joe Biden, Frederic Neumann, Neumann, Tao Wang, Wang, Fu, Lu Zhengwei, Siyi Liu, Kripa Jayaram, Robert Birsel Organizations: Rights, European Chamber of Commerce, Asia Pacific Economic Cooperation, U.S, Reuters Graphics, overcapacity, HSBC, UBS, China's National Bureau of Statistics, Rystad Energy, EV, China Passenger Car Association, Bank, Industrial Bank, Thomson Locations: Suqian, Jiangsu province, China, CHINA, Rights BEIJING, Europe, Beijing, San Francisco, Xi, Asia, Guangdong province, Shandong, Dongguan, Shanghai

☆ Australia ports operator suffers 'cybersecurity incident', suspends operations
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Nov 11 (Reuters) - The Australian government said on Saturday that it was coordinating a response to a cybersecurity incident that forced ports operator DP World Australia to suspend operations at ports in several states. A DP World Australia spokesperson told Reuters on Saturday that operations at impacted ports were not yet restored. Australia's National Cyber Security Coordinator, appointed earlier this year in response to several major data breaches, was managing the official response to the incident, O'Neil said. DP World Australia, part of Dubai's state-owned ports giant DP World, operates four container terminals in Australia in Melbourne, Sydney, Brisbane and Western Australia's Fremantle. According to DP World, in the Asia Pacific region it employs more than 7,000 people and has ports and terminals in 18 locations.

Persons: Clare O'Neil, O'Neil, Sam McKeith, Simon Cameron, Moore Organizations: SYDNEY, Australia, Home Affairs, Cyber Security, DP, Thomson Locations: Dubai's, Australia, Melbourne, Sydney, Brisbane, Western, Fremantle, Asia

☆ Police investigate 'cyber incident' at Australia ports operator
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsSYDNEY, Nov 12 (Reuters) - The Australian Federal Police said on Sunday they were investigating a cybersecurity incident that forced ports operator DP World Australia to suspend operations at ports in several states. DP World Australia told Reuters on Saturday that operations at impacted ports were not yet restored. DP World Australia, part of Dubai's state-owned ports giant DP World, operates four container terminals in Australia in Melbourne, Sydney, Brisbane and Western Australia's Fremantle. Home Affairs Minister Clare O'Neil said on Saturday that the government was coordinating a response to the "cyber incident". According to DP World, in the Asia Pacific region it employs more than 7,000 people and has ports and terminals in 18 locations.

Persons: Dado Ruvic, We've, we're, Darren Goldie, Goldie, Clare O'Neil, Sam McKeith, David Gregorio Our Organizations: REUTERS, Rights, Australian Federal Police, Australia, DP, Reuters, Fremantle, Cyber, Twitter, Home Affairs, Thomson Locations: Dubai's, Australia, Melbourne, Sydney, Brisbane, Western, Sydney , Melbourne, Asia

LONDON (AP) — Spirits and beer giant Diageo PLC saw billions wiped off its market value on Friday after it warned that a sharp slowdown in its business in Latin America and the Caribbean was hitting sales and potential profits. It blamed a “materially weaker” outlook in Latin America and the Caribbean as a result of “macroeconomic pressures" and customers downtrading to cheaper products. The region accounts for around 11% of Diageo's total sales. The group highlighted that it still expects an improvement in growth in North America, while its businesses in Europe and Asia Pacific witnessed “continued momentum,” though slower than the previous half-year. “It has impacted results for the region since we have stopped trading in some parts," he said.

Persons: Johnnie Walker, Morgan, “, Debra Crew, ” Sophie Lund, Yates, stockbrokers Hargreaves Lansdown Organizations: Diageo PLC, Guinness, Asia Pacific, Diageo, stoke Locations: Latin America, Caribbean, London, America, North America, Europe, Asia, Gaza

☆ Biden-Xi summit could be last chance to stabilize U.S.-China relationship: Op-ed
▼ + stars: | 2023-11-10 | by ( Dewardric L. Mcneal | ) www.cnbc.com time to read: +11 min

Presently, this relationship faces more challenges than it has encountered in the past two decades. They must also rebuild the essential habits of cooperation to address the existential challenges that have arisen. However, this deep-rooted reliance underscores their vulnerability to disruptions and uncertainties in the ever-shifting landscape of U.S.-China relations. Such a shift toward stability isn't just beneficial for these corporations but stands to bolster the overall bilateral relationship between the two nations. The summit could be the final chance to stabilize the relationship, demonstrating to domestic audiences in both countries and global stakeholders that a workable, if not entirely ideal, management framework for China-U.S. relations is possible.

Persons: Joe Biden, Xi Jinping, John Kerry, Paul J, Richards, Xi, Biden, Antony Blinken's, Janet Yellen, Gina Raimondo, Chuck Schumer, Gavin Newsom's, Yellen, Dewardric McNeal Organizations: China, Department of State, AFP, Getty, Biden, Asia Pacific Economic Conference, U.S, APEC Summit, Apple, Nike, Caterpillar, Longview Global, CNBC Locations: Washington ,, United States, China, U.S, Taiwan, Bali ., California, Ukraine, Israel, Gaza, South China, San Francisco, China's, Francisco

☆ Race to finish Indo-Pacific trade deals hit snags ahead of APEC summit
▼ + stars: | 2023-11-09 | by ( David Lawder | ) www.reuters.com time to read: +5 min

A sign advertising the upcoming APEC (Asia-Pacific Economic Cooperation) Summit in see as the city prepares to host leaders from the Asia-Pacific region in San Francisco, California November 8, 2023. Instead it promised cooperation on supply chains and clean energy along with higher standards for labor, environment and regulatory practices and digital trade. Negotiations on digital trade standards -- once seen as a marquee feature of the IPEF trade pillar -- are largely frozen as the Biden administration has suspended discussions on key rules after reversing longstanding U.S. positions on e-commerce. By adopting these fringe views on digital trade, USTR really brings the main substance on digital trade to a halt," said John Murphy, senior vice president for international policy for the U.S. Chamber of Commerce. One of the sources familiar with the talks said that early enthusiasm on the IPEF trade pillar -- which excludes India -- has given way to frustration over the difficulty and complexity of issues involved.

Persons: Carlos Barria, Biden, Joe Biden, IPEF, Wendy Cutler, Cutler, Trump, USTR, John Murphy, David Lawder, Sharon Singleton Organizations: APEC, Economic Cooperation, REUTERS, FRANCISCO, Pacific, Prosperity, Asia Pacific Economic Cooperation, Asia Society Policy Center, Commerce Department, U.S . Trade, Big Tech, U.S . Chamber of Commerce, Thomson Locations: Asia, Pacific, San Francisco , California, San Francisco, U.S, China, Washington, IPEF, Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, United States, TPP

☆ Qatar wealth fund eyeing investment opportunities in China's retail, tech sectors
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 9 (Reuters) - Qatar's sovereign wealth fund Qatar Investment Authority is examining opportunities to invest in China's retail, healthcare, tech and logistics sectors, said Abdulla Al-Kuwari, head of the fund's unit Qatar Investment Authority Advisory (Asia Pacific). Those opportunities could involve public and private companies, Al-Kuwari said on Thursday during the Caixin Summit in Beijing. Chinese funds are also seeking new capital sources in the Middle East, as headwinds including diplomatic tensions drive many U.S. investors out of the country. Several China equity funds, including hedge funds and mutual funds, have told Reuters they visited the Middle East this year to raise money. Reporting by Roxanne Liu and Kane Wu; Editing by Muralikumar Anantharaman and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Abdulla Al, Kuwari, LSEG, Roxanne Liu, Kane Wu, Muralikumar Anantharaman, Michael Perry Organizations: Qatar Investment Authority, Qatar Investment Authority Advisory, Asia, Al, Buyers, Reuters, Thomson Locations: BEIJING, Qatar, Beijing . Middle East, China, Saudi Arabia

☆ Deutsche Bank boosts Asia bets as clients seek Wall Street alternative -CEO
▼ + stars: | 2023-11-09 | by ( Selena Li | ) www.reuters.com time to read: +4 min

Christian Sewing, CEO of Deutsche Bank, poses after an interview with Reuters in Hong Kong, China September 8, 2023. Asia offers higher profit margins than other regions, according to Sewing, who took the helm at the lender in 2018. It operates in 15 markets in Asia Pacific and generates about 15% of its global revenue in the region, he said. Sewing said that the demand for advice from clients in Asia Pacific was far higher than two or three years ago. At that time, it announced plans to cut around 18,000 staff worldwide, with teams disbanded and jobs cut in most of its Asia Pacific markets.

Persons: Selena Li, Sewing, Sumeet Chatterjee, Christian Organizations: Deutsche Bank, Reuters, REUTERS, Asia, Deutsche, UBS, Thomson Locations: Hong Kong, China, HONG KONG, Asia Pacific, U.S, Asia, Ho Chi Minh City, Seoul

☆ China slips back into deflation in October after pork prices plunged
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Consumer prices in China fell more than expected last month, sliding the country back into deflation and renewing concerns about the strength of the world’s second largest economy. As China’s most consumed meat, pork has an outsized weighting in the consumer price index. He said deflation was a “pernicious” situation characterized by a decline in consumer prices as well as the prices of assets and wages, leading to a sharp slowdown in economic activity. But consumer prices recovered in August. This drop “reflects uncertainty around the solidity of China’s recovery,” HSBC Greater China economist Erin Xin noted in a report.

Persons: Goldman Sachs, Robert Carnell, ”, Erin Xin Organizations: Hong Kong CNN —, National Bureau of Statistics, Economics, Asia Pacific, ING, ” HSBC Locations: China, Hong Kong

☆ U.S. suspends Indo-Pacific talks on key aspects of digital trade -lawmakers
▼ + stars: | 2023-11-08 | by ( David Lawder | ) www.reuters.com time to read: +3 min

The halt comes after the U.S. Trade Representative's office last month reversed longstanding U.S. digital trade demands at the World Trade Organization -- no longer insisting on rules that protect free cross-border data flows and prohibit national requirements for data localization and reviews of software source code. The U.S. Trade Representative's office said it withdrew its position to give Congress room to enact stronger technology regulations. "We thank you for suspending negotiations on aspects of the IPEF digital text that can be used to frustrate privacy, AI, civil rights and liberties, anti-monopoly, gig worker and other digital safeguards that Congress and the administration seek," the lawmakers wrote. People familiar with the talks say that discussions on the digital trade chapter have largely ground to a halt because the U.S. position is now unclear and being reevaluated. A USTR spokesperson declined comment on the IPEF digital talks.

Persons: Elizabeth Warren, Julia Nikhinson, Biden, IPEF, Amy Klobuchar, Pramila Jayapal, David Lawder, Leslie Adler Organizations: Intelligence, U.S, Capitol, REUTERS, Rights, Democratic, U.S . Trade, World Trade Organization, Representatives, Commerce Department, Asia Pacific Economic Cooperation, Tech, Thomson Locations: Washington , U.S, U.S, Mexico, Canada, IPEF, San Francisco, Asia, China

He also lowered his price target by $6 to $120, implying just 3.9% upside from Tuesday's close. Analyst Shaun Kelley has a $40 price target on shares, implying shares could gain 11.4% from Tuesday's close. Rivian shares jumped more than 7% after the company increased its production forecast for the full year by 2,000 units to 54,000. Datadog shares have produced zero return over the past three years, Murphy noted, with shares down 9% since Oct. 15, 2020. UBS has a neutral rating on Apple and a price target of $190 per share, which implies upside of 4.5%.

Persons: Cowen downgrades Estee, TD Cowen, Estee Lauder, Oliver Chen, Chen, — Hakyung Kim, Shaun Kelley, Kelley, Goldman, Goldman Sachs, Neil Mehta, Mehta, There's, Colin Langan, Langan, Piper Sandler, Alexander Potter, Potter, Rivian, Mark Delaney, Morgan Stanley, Jonas, Mark Murphy, Murphy, David Vogt, Vogt, Fred Imbert Organizations: CNBC, Tech, UBS, JPMorgan, Revenue, Asia, Bank of America, Industry, Mehta ., Wall Street, Rivian, pullbacks, Pro, Pro Max, Apple Locations: China, Asia Pacific, Europe, Middle East, Africa, Tuesday's, U.S

☆ India's Apollo Tyres beats Q2 profit view on higher auto sales
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 7 (Reuters) - Indian tyre maker Apollo Tyres Ltd. (APLO.NS) reported a better-than-expected second-quarter profit on Tuesday, boosted by higher auto sales and lower input costs. Consolidated profit more than doubled to 4.74 billion rupees ($56.94 million) for the quarter ended Sept. 30 from 1.79 billion rupees a year earlier. Analysts, on average, had expected a profit of almost 4.33 billion rupees, according to LSEG data. Revenue from operations rose over 5% to 62.8 billion rupees, with revenue in the APMEA (Asia Pacific, Middle East and Africa) segment, the largest contributor to revenue, rising 4.5% to 44.73 billion rupees. Apollo peers MRF Tyres (MRF.NS) and Goodyear India (GDYR.NS) also logged profit jumps on the back of higher demand and easing costs.

Persons: MRF, Meenakshi Maidas, Janane Organizations: Apollo Tyres Ltd, Consolidated, of Automobile Dealers Association, Goodyear, Apollo Tyres, Thomson Locations: BENGALURU, Asia, Middle East, Africa, Goodyear India, Bengaluru

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